[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 7 KB, 200x200, nono.jpg [View same] [iqdb] [saucenao] [google]
29257098 No.29257098 [Reply] [Original]

how do I calculate my US crypto taxes aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

if its one of those stupid ass calculators I need support for BSC (no judgies), Cardano, and some shitcoins.

Should I just pay 50% anons?

>> No.29257250

Just report anything you cashed out and anything you traded on Coinbase because they'll be turning you over anyways. Let them calculate the rate of your 60 trades a day between EGG and Wynaut. (Pro tip they won't)

>> No.29257269
File: 106 KB, 612x491, 11.png [View same] [iqdb] [saucenao] [google]
29257269

>>29257098
>crypto taxes

>> No.29257306

>>29257098
just give your best guess minus a few thousand

>> No.29257307
File: 17 KB, 542x540, !.jpg [View same] [iqdb] [saucenao] [google]
29257307

>>29257250
>Let them calculate the rate of your 60 trades a day between EGG and Wynaut. (Pro tip they won't)

>> No.29257324

I lost all my monero in a scamming accident.

>> No.29257363

>>29257098
literally price sold minus price paid.

Capital gains out of that amount.

Why is it so hard

>> No.29257382

just stuff some money in an envelope, let them tell you if you owe more

>> No.29257421

Just have a friends that's an a accountant. That's what I do.
Coinbase should have a history that tells you everything you have done. Just give them a copy of that.

>> No.29257572

>>29257250
>and anything you traded on Coinbase because they'll be turning you over anyways
But i haven't cashed out my gains yet, i just moved them over to Dai, Tether, and USDC.
Cant tax me for unrealized gains.

>> No.29257733

>>29257572
I literally have only ever played with about $200 on cuckbase, everything else is through exchanges and moonpay and wyre

I like to keep it so complex that even I can't reliably track it, fuck them. they can sift through my mess.

>> No.29257735

>>29257572
I don't know if you have anything to tax on unsettled assets? I would call your local Schlomo, honestly.

>> No.29258388

>>29257098
in the US short term capitol gain is 20%

>> No.29258873

>>29257098
https://koinly.io/
connect exchanges through API, and it does the work for you.

Personally I never used it, but heard good things

>> No.29259040

>>29257733

That's how the game is played.

There used to be a loophole with charitable contributions with bulk trading cards (still kind of is). You get to deduct market value rather than cost basis of donations. Bulk trading cards are functionally worthless, but have a market value. (Market value is actually the labor to sort and ship). Every pack of magic had $1.56 in deductible bulk, around a 50 cent benefit.

Never got audited, but if I did they would have gotten a massive spreadsheet and an hour long video of me fanning through every single card and dropping them off.

>> No.29259403

>>29257098
so if i bought 20K DMG and the price of it went to 0, can I write off any of my tax as losses? I have no idea how this works can someone hrlp

>> No.29259549

>>29258388
Flat out wrong. It's taxed as income, which means a poorfag NEET could owe 0% while a whale cashing out would pay over 30%.

>> No.29259608

>>29259403
That's a capital loss, yes. It offsets an equivalent amount of capital gains. Or, if you got really rekt, can be carried over to the next year.

>> No.29259715

>>29257098
im just gonna report once i cash out and then let them handle the rest. if they find some shit i will just say "oh man i didnt know that" and just amend my taxes, its not hard and since its a new arena they will be more understanding.

>> No.29259896

>>29259549
so apparently capitol gain and income are different? get out

>> No.29259924

>>29257098
bitcoin.tax
send it to
www.taxact.com

Easy

>> No.29260175

>>29259040
very nice... noted

>> No.29260212

>>29257098
Koinly

>> No.29260319

>>29259896

They are. Capital gains must come from a qualified asset to count. Crypto is not such a qualified asset. It's the same reason collectibles are in their own horse shit 28% category.

>> No.29260991

>>29260175

It doesn't work well ever since trump raised the standard deduction. Very few even benefit from itemizing, but if you do it still works and applies to almost anything.

This mechanic also works well for legitimate donation of higher end trading cards. Price guide prices are higher than you can realistically get by at least 10% and marketplace fees will take another 10%. It creates a taxable event at 28% of gain, but that mostly gets evaded.

You can get 80% of book if you sell, or you can donate and get 30% of 80% (24%) as deduction and the charity gets 80%. Effectively 104%; If the charity will do the leg work it generates free money out of nothing. Alternatively you can just own the non-profit and fund the shit you like more optimally.

>> No.29261327

Jokes on them, they’d owe me money.